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30-year rates down to 6.03%
The Associated Press
Last updated: March 7th, 2008 01:29 AM (PST)
WASHINGTON – Mortgage rates sank this week, reflecting investors’ worries about the country’s economic health.
Freddie Mac, the mortgage company, reported Thursday that 30-year fixed rate mortgages averaged 6.03 percent for the week ending March 6. That was down from last week’s 6.24 percent, which had been the highest in more than three months.
“Interest rates for 30-year fixed-rate mortgages are now at the same levels as they were two weeks ago, erasing last week’s upward jump,” said Frank Nothaft, Freddie Mac’s chief economist.
A year ago, rates on 30-year mortgages stood at 6.14 percent, 15-year mortgage rates averaged 5.86 percent and five-year adjustable-rate mortgages were 5.90 percent.
Originally published: March 7th, 2008 01:29 AM (PST)
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